An Initial Deposit of $10,000 Earns 16% Interest, Compounded Monthly

question 159

Short Answer

An initial deposit of $10,000 earns 16% interest, compounded monthly. How much will be in the account after 10 years?
Please give the answer to the nearest cent. $__________

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Definitions:

Advanced Economy

A term used to describe countries with a high level of income per capita and industrial development, along with a high Human Development Index (HDI).

Economic Growth

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

United Kingdom

A nation with sovereignty positioned to the northwest of mainland Europe, consisting of England, Scotland, Wales, and Northern Ireland.

Real GDP

Gross Domestic Product adjusted for inflation, providing a measure of the value of goods and services produced in a country using constant prices.